An appraiser uses the location, features, and most recent sales (or comps) of homes similar to those appraised in the same neighborhood, among other things, to determine the property’s value.

A walk-through is frequently included in an appraisal to assess the property’s general condition and identify valuable updates or other features that may increase the property’s value. The appraiser frequently takes pictures and sketches of the property. The appraiser will note any health or safety code violations so that they can be fixed before the lender approves a loan.

Usually, the lender will choose the property appraiser, but you are entitled to see the results. Keep in mind that lenders and broker’s agents are not allowed to “up charge” for third-party services. Most lenders require a professional appraisal to determine the current market value of a property before they approve a mortgage loan.

Depending on the size and value of the property, an appraisal may cost between $350 and $600. Home appraisal costs vary by geography, the type of report sought, and the effort needed to compile the report.

However, lenders will not approve a loan based on a drive-by assessment. Drive-by appraisals and changes to existing reports are typically under $275.

home’s appraisal is influenced by several elements, all of which have the potential to lower the value. These variables include location, lot size, home modifications, age of the home, and overall condition are all considerations when determining a home’s value.

The buyer pays the fee as part of the overall closing costs.

Yes, some lenders may accept a “drive-by” evaluation rather than a full appraisal if you are refinancing and the property has been assessed within the last 12 months, which will save some money.

Home appraisals can take a few days to a week, depending on certain factors. Typically an appraiser can tell you upfront the expected turnaround time for an appraisal to be completed.

A house inspection is not an appraisal, though. A qualified home inspector inspects a home’s mechanical systems (such as the heating, plumbing, and air conditioning) from the ground up. The appraiser is often more concerned with recent sales prices (within the last six months) of comparable properties in the area, how the property looks from the outside, and features that add to its marketability.

An independent property evaluation is a value determination made for a piece of real estate by an appraiser who has no financial stake in it and has nothing to gain from a high or low valuation.

A certified appraiser thoroughly inspects the residence as part of the appraisal process. These considerations include the property's condition, any improvements or additions done to it, the size of the lot, and "comps," or recently sold properties in the same market that were the same size and condition as the subject property.